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Despite the Gemini support and the two percent gain yesterday, the sellers have control. In fact, we can see prices slipping below $ 50, confirming the recovery phase of the bear break-out model trend that began in early August. Generally, we are bearish, but this could change if Litecoin finds support and we see a pump towards $ 70.
Latest news about Litecoin
It is true that the co-founder of Litecoin, Charlie Lee, is never shy of the cameras. Sometimes it can be controversial, but more often than not, it rejects with meaning. It's admirable. Although Monero is specific to privacy with the features of obfuscation that is making the American secret service uncomfortable, Charlie Lee is still a big fan of the coin.
Feasibility is the only characteristic of the sound money that is lacking in Bitcoin and Litecoin. Does it support the addition of a privacy feature to Litecoin? If so, which one do you prefer and why?
– Charlie Lee [LTC⚡] (@SatoshiLite) 29 August 2018
He conveyed his intentions when he polled on Twitter asking users to vote if they wanted to see Confidential Transactions (CT), ZK-STARK or ZK-SNARKs or Mimable-Wimble implementations. Most of them concerned the incorporation of CT, but was split between some preferring to leave the network as if it were for unnecessary control.
In the meantime, Gemini will now be able to deposit Litecoin after obtaining the necessary approval from the New York State Department of Financial Services (NYDFS).
We are pleased to announce it @litecoin (LTC) is now available on Gemini! Starting tomorrow, we will start accepting Litecoin deposits and trading will open on all currency pairs on Tuesday. For more information, please visit our blog on @Medio https://t.co/it5xuF9Hr5
– Gemini (@GeminiTrust) October 12, 2018
While he was making the announcement, Eric Winer, VP of Engineering, said the exchange will offer trading and custody services for Litecoin starting today. However, trading starts on October 16th. Regardless, Gemini is taking a prudent approach before offering support for any currency. This first approach to safety considered them "the highest standards of banking compliance and fiduciary obligations" by regulators.
Litecoin price analysis
Weekly chart
The losses are deep in the weekly chart. With a slide of eight percent, the market is obviously fighting bears. As a result, we could see LTC printing new lows, so if there is a follow-through next week. Although there is optimism from Gemini, the provisions on price charts offer support to sellers.
Because the path of resistance is towards the south all because of the liquidator effect of the week ending 9 September which in turn confirms the interruption of the bear for the week ending August 12, yes recommend selling in shorter periods of time when prices fall below $ 50.
On the other hand, if the buyers built enough momentum to overcome the consolidation of the last two months, then the bear projection would not be valid.
Daily chart
Apart from the strong bears of October 11, we can easily see that Litecoin's prices vary with clear supports and resistance to $ 50 and $ 70 respectively. But what's important is price action in the first week in August. Then, we saw bears melt under $ 70 triggering a bear breaking pattern.
Subsequent adjustments were made at the beginning of September and since then prices have consolidated with the printing of lower lows. In the days to come, as we reiterated, what we want to see is a solid closing below $ 50. Preferably, we want to see a full bear bar close under $ 50. Next, sellers can start downloading on site with the first goals at $ 30.
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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